Andrew Carnegie and Monopoly

A monopoly can be defined in many ways. According to the research that I have done, a monopoly in my own words is a company or a group that owns all or almost all of the market for only a given type of product or service. Absence of competition is what typically leads to the formation of a monopoly which results in high prices and subordinate products. The history of monopolies itself goes way back to the colonial times. Monopolies are great economic powers that have had positive consequences to the United States of America. Andrew Carnegie is a great example of an American Industrialist who made a vast fortune in the steel company by monopolizing. As a little boy growing up, Carnegie went from “Rags to Riches” in a short amount of time for a man of his background. As his first job he worked in a Pittsburgh cotton factory in which he rose to the position of division superintendent of the Pennsylvania Railroad in 1859. While he was working on the railroad he invested in different daring risks like oil and steel companies. By the time he was 30 he made his first fortune. Around the 1870s he entered the steel business and over the next two decades became a dominant force in the steel industry for America. In 1901 Carnegie sold the Carnegie Steel Company to banker John Pierpont Morgan for $480 Million. He later devoted himself to philanthropy, eventually giving away more than $350 million. By the 1870s, Andrew Carnegie cofounded his first steel company near Pittsburgh where in the next few decades was able create a steel empire. He did this by maximizing profits and minimizing inability through ownership of factories, raw materials and transportation of any framework of any steel making involved. In 1892 his primary holdings were combined to form Carnegie Steel Company. Andrew Carnegie considered himself a champion of the working man due to success in becoming the largest manufacture of pig iron, steel rails and coke in the entire world. His process of obtaining...